Written by Gary
US Treasury yields are down in today’s session (SPY -0.4%). Small Caps were the most insane movers on the day, but the DOW outperformed.
The Market in Perspective
Here are the headlines moving the markets. | |
The U.S. Is Facing Off Against China For Energy Storage DominanceBack in September, Chinese president Xi Jinping garnered a huge amount of attention and no small number of headlines on the global stage when he announced that Beijings new five-year plan to bring down the nations hefty carbon emissions would be far more ambitious than China had previously promised. In an address to the U.N. General Assembly, President Xi announced that China, home to the second-largest economy in the world, would see peak CO2 emissions by 2030 and bring its carbon footprint all the way down to zero by just 2060–a | |
China Restricts Electricity Use Amid Coal ShortageDespite the swift industrial recovery from the pandemic, factories in areas in China are working only part-time, and residents in several provinces are asked to save electricity, while authorities are turning off street lights and billboards, warning of coal shortages this winter. In at least three provinces in China, authorities have ordered limits on electricity use, saying there could be shortages of coal, The New York Times reports. At the same time, Chinese authorities vehemently deny that the potential shortages have had anything to do with | |
Perus Oil Crisis Is WorseningA string of crises has engulfed Peru, Latin Americas sixth-largest economy, since the start of 2020. If the marked impact of the COVID-19 pandemic on Peru were not enough, it now finds itself rocked by a succession crisis. By mid-November 2020 the Andean country had three presidents in a week after congress removed Martn Vizcarra from office. This incited considerable civil unrest and left the country leaderless at a crucial juncture. The impact of the pandemic on the economy and government measures taken to contain the spread of | |
China Lifts Restrictions On Foreign Energy InvestmentChina has lifted restrictions on foreign investments in all energy sectors, including fossil fuels, new energy sources, and electricity generation excluding nuclear power, the countrys State Council Information Office said in a white paper published on Monday. The paper, Energy in Chinas New Era, discussed the steps the worlds largest oil importer has taken to reform access of foreign companies to its energy industry, saying that Market access for foreign capital in the energy sector has been extended, | |
Shell Divests LNG Stake For $2.5 BillionShell has sold a 26-percent stake in an Australian LNG project to Global Infrastructure Partners for $2.5 billion as part of efforts to reduce the weight of non-core assets in its portfolio, the company said. The price of the divestment, which will leave Shell the majority owner of the project Queensland Curtis LNG, suggests that the supermajor has picked a good time for the divestment. The outlook for LNG is still bright despite an extended price rout that started last year and continued into this year, and Australia is one of the focal points | |
U.S. Looks To Boost Energy Storage By 525% By 2025240 percent: this is the increase in battery storage capacity added in the United States during the third quarter of this year, compared with the second quarter. 240 percent is certainly an impressive figurethe result of research by Wood Mackenzie and the U.S. Energy Storage Association. Whats more impressive, however, is that this may just be the start of a long-term trenda much-needed trend for a world that is hoping to someday rely on solar and wind for most of its electricity. Intermittency is the biggest obstacle for solar | |
Shoppers head to malls in final runup to Christmas. But Covid hot spots threaten last-minute boostTraffic to stores on the final Saturday before Christmas dropped 40.9% from 2019. That wasn’t as steep of a decline as Black Friday, when traffic fell 48%. | |
Trump Covid vaccine czar says ‘extremely low’ chance Pfizer and Moderna shots won’t work against new strainPresident Trump’s coronavirus vaccine czar said Monday he expects Pfizer’s and Moderna’s Covid-19 shots will be effective against a new mutation of the virus. | |
Disney’s legendary studio head steps aside as shift to streaming gains momentumAlan Horn is stepping down as co-chairman of Walt Disney Studios, but will remain chief creative officer. | |
White House task force kept airport Covid screeners in place despite known risk of infection, sources sayIn interviews with dozens of officials, CNBC has learned that the program proved not only ineffective but dangerous from its earliest days. | |
House panel subpoenas HHS, CDC chiefs as investigation into Covid response intensifies“The subpoenas were necessary because … efforts to interfere with scientific work at CDC were far more extensive and dangerous than previously known,” Rep. Jim Clyburn said in a statement. | |
Delta, British Airways will require passengers test negative for Covid for London-New York flights after Cuomo requestCuomo is asking several airlines to ensure travelers have tested negative for Covid before boarding JFK-bound flights as a highly contagious strain spreads in the U.K. | |
Joe Biden receives Covid vaccine on live television, encourages Americans to get inoculatedBiden received a Covid-19 vaccine on live television Monday afternoon in a demonstration intended to encourage Americans to receive shots of their own. | |
Chevy Chase recreates ‘Christmas Vacation’ scene in new Ford Mustang Mach-E adChase thanked Ford for the role as well as the undisclosed amount of money he was paid for the ad. | |
WHO says Covid is mutating at slower rate than flu as new strain in U.K. appears more contagious“SARS-CoV-2 is mutating at a much slower rate than influenza,” WHO chief scientist Soumya Swaminathan said. | |
Millionaire investors are betting on strong market gains in 2021Despite lofty market levels, most millionaires plan to maintain or add to their stock holdings next year, according to the CNC Millionaire Survey. | |
Airline stocks slide as highly contagious Covid mutation in UK prompts travel restrictionsAirline stocks tumbled Monday as a fast-spreading Covid strain in the U.K. prompted travel bans in Europe, Canada. | |
European Medicines Agency authorizes Pfizer vaccine for use in the EUEurope’s medicines regulator authorized the Pfizer-BioNTech coronavirus vaccine for conditional use, opening the door to an inoculation program across the EU. | |
Nike shares rip toward record high, as investors see digital bets paying offNike shares jumped more than 5% Monday, despite a broader market selloff, as investors rallied behind the sneaker maker’s latest quarterly results. | |
Stocks Dump’n’Pump As Bank Buybacks & Bailouts ‘Crush’ COVID Mutation ConcernsStocks Dump’n’Pump As Bank Buybacks & Bailouts ‘Crush’ COVID Mutation Concerns Well that de-escalated quickly… Futures were pummeled overnight as news of EU lockdowns and travel restrictions grew louder as UK reported a mutant variant of the COVID virus. But then, as the cash open began, and details of the COVID Relief Bill began to emerge, stocks started to recover and then at 0905ET TSYSec Mnuchin appeared on CNBC, said nothing new at all, but saved the world, triggering RH algos into a buying panic.
Small Caps were the most insane movers on the day, but the Dow outperformed. Nasdaq and the S&P weren’t able to get green on the day and into the last 30 mins, things started to go just a little bit turbo… | |
Biden: Trump “Deserves Credit” For COVID-19 VaccineBiden: Trump “Deserves Credit” For COVID-19 Vaccine After being vaccinated on Monday with the Pfizer vaccine (live on camera to try and help bolster public confidence in the vaccine), former Vice President Joe Biden declared that the Trump Administration “deserves some credit getting this off the ground,” in reference to “Operation Warp Speed”, the program of federal subsidies to drug makers. Biden claimed he was taking the vaccine to help demonstrate that “people should be prepared when its available” whenever their turn comes to take the vaccine. Even though Pfizer never took money up front, the company signed a major deal with OWS to deliver 100M doses for just under $2BN.
Other vaccine makers have tried their hardest to try and minimize the Trump Administration’s role despite taking billions of dollars in federal funding. Though we wouldn’t be surprised to hear some spin-master twist Biden’s words to imply that by referring to “the Administration” he didn’t specifically mean “President Trump”. On Tuesday, health officials including Dr. Anthony Fauci and USSD head Alex Azar will be vaccinated at a National Institutes of Health event Tuesda … | |
California Gov Newsom Quarantines After Staffer Infected, Warns COVID Lockdown Will Be Extended: Live UpdatesCalifornia Gov Newsom Quarantines After Staffer Infected, Warns COVID Lockdown Will Be Extended: Live Updates Summary: California Gov. Quarantines after COVID exposure; hints at lockdown extension EU grants market approval to Pfizer vaccine 38K vaccinated in New York WHO says it’s “aware” of UK variant Europe shuts doors to UK Mutation announced last week stokes fears worldwide US hospitalizations decline, led by Midwest Sweden imposes travel ban Ireland warns extension likely Colombia capital lifts some retrictions Tokyo mayor urges residents to stay home Canada suspends flights to UK Jakarta extends restrictions for another week Clinical trials for Moderna vaccine in Japan will start in January * * * Update (1400ET): California Gov. Gavin Newsom has just announced that he will be quarantined after a staffer tested positive for COVID-19. Meanwhile, he said the ICU availability in the state is stretched thin, while the state’s positivity rate reaches 12%, up from 8.7%. the ICU capacity rate has fallen to 2.5%. He added that the state’s stay at home order will likely be extended. Across the country in New York, Gov Cuomo revealed that 38K people have been vaccinated (presumably all health-care workers and residents at long-term care facilities). In other news, VP Joe Biden has fulfilled his promise to be vaccinated on film. Dr. Fauci is expected to get vaccinated shortly. * * * Update (1230ET): As we head into Monday afternoon during a holiday-sh … | |
Climate Change Is The New Fed MandateClimate Change Is The New Fed Mandate Authored by Mike Shedlock via MishTalk, Officially, Congress sets the Fed’s priorities but the Fed has independence on how to carry out its mandates. Unofficially, the Fed just adopted its own new mandate. The Evolution Of An Idea The Federal Reserve Bank of Richmond explains the Evolution of an Idea.
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DHL and Royal Mail warn on parcel disruptionDelivery chaos comes days before Christmas and follows fears about a new strain of the coronavirus in the UK. | |
Supermarkets try to calm food shortage fears amid border chaosBut Tesco and Sainsbury’s warn some fresh goods could run short if a French haulier ban continues. | |
Shares fall as new Covid strain spooks investorsWall Street follows Europe lower as concern over the UK’s new Covid-19 variant takes its toll on markets. | |
Covid and M&A: Investors bet big on India in November, hope for a fast recoveryGlobally investors have been pumping money in capital markets as they think that gold and the US dollar may not as much going ahead. | |
Want to play the solar boom in India? This stock is your best betBorosil last week raised Rs 200 crore through qualified institutional placement for expanding its capacities. FPIs have also increased their stake from 0.42 per cent to 10.08 per cent in the QIP. | |
Market Movers: SpiceJet, InterGlobe Aviation tank; 314 stocks flash sell signalAll the 30 components of the Sensex pack ended in the red. With a fall of 9.15 per cent, ONGC emerged as the top loser in the benchmark equity index. | |
The Tell: Head of BlackRock’s more than $2 billion fixed-income division says investors should turn to cash as bonds don’t offer enough of a ‘parachute’BlackRock’s bond chief says holding more cash, instead of haven bonds, might be prudent in a world of depressed interest rates. | |
Bond Report: U.S. Treasury yields bounce off lows after investors assess COVID developmentsU.S. Treasury yields are down slightly Monday after a variant of COVID-19 was discovered in the U.K., precipitating further lockdowns across the country. | |
Futures Movers: Oil prices cut early loss but settle lower as COVID lockdowns spook tradersOil prices settle sharply lower Monday, but off the commodity’s steepest declines, amid fears sparked by reports of a potentially more contagious strain of COVID-19 discovered in the U.K. and South Africa—seen as another potential hurdle for demand for crude and energy products |
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